APRA report into CBA
APRA has released the final report of its prudential inquiry into CBA. The review panel made a series of specific recommendations designed to strengthen governance, accountability and culture within CBA including:
- more rigorous board and executive committee governance of non-financial risks
- exacting accountability standards reinforced by remuneration practices
- a substantial upgrading of the authority and capability of the operational risk management and compliance functions
- injection into CBA’s DNA of the ‘should we?’ question in relation to all dealings with and decisions on customers
- cultural change that ‘moves the dial’ from reactive and complacent to empowered, challenging and striving for best practice in risk identification and remediation.
